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Shopping around for an annuity has been made a lot easier by the FSA's Open Market Option initiative which actively encourages pension providers to make their customers aware that they have options when it comes to purchasing their annuity.

In essence, everyone looking to purchase an annuity should aim to get annuity quotes from a number of insurers, either directly or through a broker.

Whilst the direct option often appears the best in terms of value, more often than not it is better to seek advice from a broker with a market perspective who can best advise which annuity, and sometimes that might mean recommending another income solution like income drawdown.

When you retire, comparing annuity options can be confusing and may not always lead to the best result. Most commentators and the FSA would recommend seeking some advice, and independent financial advisers are often best placed as they can provide an overview of your retirement options, where annuities are just one solution.

If the annuity route is chosen, then there are an increasing number of companies available to compare pension annuity quotes from the UK's annuity providers. The easiest starting point, as with a lot of financial services, is often the internet, where simple pension annuity comparisonscan be made in a few seconds.

Annuity Rates Comparison

Making an annuity rates comparison is fairly straightforward these days if you use the internet. To get some rough estimates you should only have to supply details about the fund value and the type of annuity you are looking for, and most websites should be able to give you at least an indicative quotation.

For the more accurate figures relating to you personally, you will need to supply some basic personal information, such as name, address, date of birth etc along with a few more specific questions about the type of annuity you are looking for ie whether you want a level or an escalating income. Crucially, it is always important to look out for the enhanced or impaired life annuity options if you have smoked for many years or you have had an illness that may reasonably reduce your overall life expectancy, like cancer or heart disease.